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as soon as the holidays end, we're most likely going to go over the fiscal cliff. something that could crush the consumer. all of which means it's a very confusing moment. we want to stick with best of breed that can come bouncing back whenever our leaders reach a deal. companies like ascena retail group, asna. formally known as dress barn. we've been fans because they have a terrific model. own multiple niche brands, maurice's for 20-something women, dress barn, appeals to a more middle aged woman, and charming shops, giving them two successful plus-sized chains. i believe in this deal because they have a record of making transitions work. the stock got slammed today, falling 4.3%, they delivered a four-cent earnings beat, revenues were in line, but still rose 48% year-over-year. and they reaffirmed their guidance for 2013, numbers slightly less than what some on wall street were expecting. what happened here, i think, is the stock ran 35% for the year. expectations got to elevated for some, well, they say they were disappointed. let's talk to the president and ce
as soon as the holidays end, we're most likely going to go over the fiscal cliff. something that could crush the consumer. all of which means it's a very confusing moment. we want to stick with best of breed that can come bouncing back whenever our leaders reach a deal. companies like ascena retail group, asna. formally known as dress barn. we've been fans because they have a terrific model. own multiple niche brands, maurice's for 20-something women, dress barn, appeals to a more middle aged...
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Dec 13, 2012
12/12
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all right, the fiscal cliff and something only congress can do that we have lou dobbs easy with us now. it is actually a good comedy. the nero reference is wrong. all the drama here. is it a shakespearean play? lou: i mean, hands flailing -- many of the sentences that attached to the one that preceded. it is great political theater if you like farce. that is what we are witnessing here. the house speaker today saying that at least at the end of the day, we have some serious problems and that he and the president are separated by the seris problems. as if this were a newsflash for the international news media. we have some problems, and they are going to start on the first of january. it is pretty clear that the president wants to go over the fiscal cliff. speaker boehner, i think, is right to say that your ultimatum. you eat it, it's your deal. we will let it all play out. tracy: deep into the root of all this is political discorin general. but all everyone thinks about is the next vote. speaker boehner thinking about his reelection. no one is thinking about the bigger cause. it is rea
all right, the fiscal cliff and something only congress can do that we have lou dobbs easy with us now. it is actually a good comedy. the nero reference is wrong. all the drama here. is it a shakespearean play? lou: i mean, hands flailing -- many of the sentences that attached to the one that preceded. it is great political theater if you like farce. that is what we are witnessing here. the house speaker today saying that at least at the end of the day, we have some serious problems and that he...
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Dec 7, 2012
12/12
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all i'll say is with a lot of talk about fiscal cliff, including this program, bald it could be a problem, the stock markets are dissonant. they're dissonant in the chinese soft/hard landing and putting it into a soft landing. something good is going on out there. and we better keep a good eye on it. i'm sorry we don't have more time. >> i think there's plenty of good things. >> folks, you're not going to believe this, you're not going to believe this, the michigan statehouse has just passed a bill in favor of making that so-called union paradise a right-to-work state. yes, it's really true. right to work in michigan. thought it would never happen. we're about to talk to the governor of the great state of michigan about this incredible development after the break. no more union paradise. americans believe they should be in charge of their own future. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the streng
all i'll say is with a lot of talk about fiscal cliff, including this program, bald it could be a problem, the stock markets are dissonant. they're dissonant in the chinese soft/hard landing and putting it into a soft landing. something good is going on out there. and we better keep a good eye on it. i'm sorry we don't have more time. >> i think there's plenty of good things. >> folks, you're not going to believe this, you're not going to believe this, the michigan statehouse has...
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Dec 11, 2012
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of our minds here, the fiscal cliff. and i would be remiss if i didn't ask you both to weigh in on it. but in the following way, number one, what's going on that we don't understand? number two, what should happen? number three, what's the r.s.c. going to do to help us get to that better state of what should happen? either one of you wants to chime in on that one? >> first of all, you know, if you look at where we are right now, it's because of a number of reasons. jim touched on a few of them, going back to the debt ceiling deal. i did not vote for the budget control act. to me it didn't address the real problem and that's spending. if you look at the debate right now, it's mostly about the debate of how much faxes we need to raise. the president keeps adding more to it because he has an insatiablet appetite to add more. we are not addressing the real problem. i don't think anybody's taxes need to go up. you look at what barack obama said three years ago. if you raise taxes in a bad economy it will make things worse. we
of our minds here, the fiscal cliff. and i would be remiss if i didn't ask you both to weigh in on it. but in the following way, number one, what's going on that we don't understand? number two, what should happen? number three, what's the r.s.c. going to do to help us get to that better state of what should happen? either one of you wants to chime in on that one? >> first of all, you know, if you look at where we are right now, it's because of a number of reasons. jim touched on a few of...
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Dec 7, 2012
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the way we can avoid the fiscal cliff, which i think we need to avoid is to go with something like -- we are all dying out here in traffic chance of both ends of the day. if we use satellite computer technology to analyze, prioritize commack and design. the 163% one is also dangerous. two men have been killed of their in the past three years. in the first years of its existence it was considered one of the most accident prone and the stages. host: you think this should be at the top of the fiscal cliff negotiations right now? caller: yes, because it would put a lot of people to work with our infrastructure. we have a big problem with our infrastructure. traffic is deplorable. up in's lives are going smoke. host: tony is from fort worth, texas. welcome to "the washington journal." caller: i think this a compromise because if they do not compromise and go over the cliff, this will set the standard for the next four years. i worked -- i voted for president obama, but i was also afraid he could not get anything done at the last four years. i believe that if they really want to put the ame
the way we can avoid the fiscal cliff, which i think we need to avoid is to go with something like -- we are all dying out here in traffic chance of both ends of the day. if we use satellite computer technology to analyze, prioritize commack and design. the 163% one is also dangerous. two men have been killed of their in the past three years. in the first years of its existence it was considered one of the most accident prone and the stages. host: you think this should be at the top of the...
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cliff. dave: an exciting our coming up. we will tell you what drove the markets today with today's data download. of next week on wall street following better than expected november jobs report. the dow and s&p ending prior to eke out weekly gains, the nasdaq closed in the red ending down 1% a lot of that because of what happened to apple. financial and industrial for this week's top performing sectors while materials and technology lad a bit. the u.s. economy added 146,000 jobs in november as the unemployment rate dropped to four year low of 7.7%. today's report may not be as strong as it seemed, reporting employers added 49,000 fewer jobs in september and october than initially estimated. a preliminary reading showing consumer confidence plunging to its lowest level in four months. early december americans prepare for a potentially higher taxes at the beginning of next year. the index dropping 74.5 this month, far below november's reading of 82.7 and economists forecasts of 82.4. >> in the
cliff. dave: an exciting our coming up. we will tell you what drove the markets today with today's data download. of next week on wall street following better than expected november jobs report. the dow and s&p ending prior to eke out weekly gains, the nasdaq closed in the red ending down 1% a lot of that because of what happened to apple. financial and industrial for this week's top performing sectors while materials and technology lad a bit. the u.s. economy added 146,000 jobs in november...
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Dec 5, 2012
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. >>> talks between the white house and republicans over the fiscal cliff have ran to something of a holt. john boehner dealing with division in the gop's ranks to his bung budget plan. another shanghai surprise. china's mainland market surge nearly 3%. more austerity. plus, austerity measures are hitting european consumers. retail sales in october fall much more than expected. september also revised sharply to the downside. >>> it was a flat day really for european stocks, slightly negative for u.s. stocks yesterday. we are a little bit higher. the dow is currently some 43 points above fair value. the nasdaq is around four points above fair value. the s&p 500 at the moment is around about four points above fair value. european stocks are up half a percent earlier. we have come off those highs. eurozone pmis a little bit better than expected. but still deeply in contraction territory. uk services pmis dipped weaker than expected. the ftse up a quarter a percent. the ibex up around .2. also dragged down by disappointing retail sales. that's where we stand right now ahead of the u.s. o
. >>> talks between the white house and republicans over the fiscal cliff have ran to something of a holt. john boehner dealing with division in the gop's ranks to his bung budget plan. another shanghai surprise. china's mainland market surge nearly 3%. more austerity. plus, austerity measures are hitting european consumers. retail sales in october fall much more than expected. september also revised sharply to the downside. >>> it was a flat day really for european stocks,...
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Dec 12, 2012
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. >> something on all of our minds is the fiscal cliff. i would be remiss if i did not ask you both to weigh in on it in the following way. first, what is going on that we do not understand? number two, what should happen? number 3, what is the rsc going to do to help us get to that sector state, and what should happen? either of you want to chime in on that? >> first of all, if you look at where we are right now, and because of a number of reasons, a few of them going back to the last debt ceiling bill -- i did not vote for the budget control act, and because it did not address the real problem, and that is spending. if you look at the debate, it is mostly a debate about how much in taxes to raise, and the president keeps moving the goal post. he keeps adding more to it. he has an insatiable appetite to spend money and attack other people for it. we are not talking about addressing the real problem. i do not think anybody's taxes should go up. barack obama said three years ago, if you raise taxes in a bad economy, it will make things wors
. >> something on all of our minds is the fiscal cliff. i would be remiss if i did not ask you both to weigh in on it in the following way. first, what is going on that we do not understand? number two, what should happen? number 3, what is the rsc going to do to help us get to that sector state, and what should happen? either of you want to chime in on that? >> first of all, if you look at where we are right now, and because of a number of reasons, a few of them going back to the...
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cliff or the president's ultimatum. silence indicate a deal in the works or something too ugly for them to contemplate?@ we'll have the latest for you from the white house. white house correspondent ed henry here in just moments, but, first, the money line in hoping washington might get a deal done driving a modestly bullish mood on wall street at the end of the session. investors cheering news in a decline in jobless claims, and household wealth in the country grew by $1.7 trillion, to the highest level in five years, talk about a positive indicator for consumer purchasing. the dow jones industrial up 40 points, the s&p up five, and nasdaq rose 15.5 points. volume? a billion shares lighter than yesterday, but above the average of 3.1 billion trading on the board today. apple rebounded from yesterday's worst date performance in four years, a gain of $8.45 today with the ceo saying apple will move imac computer production to the country in the new year. garmin stock higher to replace rr donly in the s&p 500, the stock mo
cliff or the president's ultimatum. silence indicate a deal in the works or something too ugly for them to contemplate?@ we'll have the latest for you from the white house. white house correspondent ed henry here in just moments, but, first, the money line in hoping washington might get a deal done driving a modestly bullish mood on wall street at the end of the session. investors cheering news in a decline in jobless claims, and household wealth in the country grew by $1.7 trillion, to the...
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and the federal reserve have both forecast the -- if we have the fiscal cliff, unemployment will go up substantially. is that something you're willing to see happen if the republicans continue to refuse to compromise? >> we've kicked the can down the road for too long. we're not going to do it anymore. we want certainty. the only way to have certainty is to have the rich pay a little bit more. the meetings with the business round table and other groups i've met with, including the business round table, the people who are making this money, they're willing to pay the extra money. the american people believe they should pay the extra money. there's polls out today, by a 2-1 mar general the american people believe this to be the case. the only people in america who disagrow with that are republicans who serve in the building we're in now. >> are you willing to allow that forecast recession -- >> the president has been very clear. he's been very clear, i've been very clear. republicans have to make sure they allow the rate increase to take place. >> is there a way to have any kind of stiml
and the federal reserve have both forecast the -- if we have the fiscal cliff, unemployment will go up substantially. is that something you're willing to see happen if the republicans continue to refuse to compromise? >> we've kicked the can down the road for too long. we're not going to do it anymore. we want certainty. the only way to have certainty is to have the rich pay a little bit more. the meetings with the business round table and other groups i've met with, including the...
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Dec 10, 2012
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whether it's the fiscal cliff, the fed meeting. what are the proceed right now? >> we've got bob from s&p capital iq. steven wood and gordon shallop. great to have you all on the show. you normally get the priority of speaking first. what are you doing right now? >> right now we're anticipating for volatility. we knew it was going to be a volatile fourth quarter. there's a lot of policy induced volatility. that said, the economy in the united states has not changed that much. it's grinding along. that recovery we've been talking about for a long time. so it's measurably positive, not robustly positive. that's kind of doing battle with just about offsetting some of the policy risk. >> the fear is all that changes if we go over the cliff. >> it would. right now the forecast is there's some compromise. there's a short-term compromise. they buy time. and they use that to get the silhouette of a grand bargain. if they use the time well, the markets could like that. if we do go off the cliff, that's 8% of gdp. >> what's your expectation, bob? >> we put out a research s
whether it's the fiscal cliff, the fed meeting. what are the proceed right now? >> we've got bob from s&p capital iq. steven wood and gordon shallop. great to have you all on the show. you normally get the priority of speaking first. what are you doing right now? >> right now we're anticipating for volatility. we knew it was going to be a volatile fourth quarter. there's a lot of policy induced volatility. that said, the economy in the united states has not changed that much....
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Dec 11, 2012
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congress needs something to get something on paper. no news might be good news, if you want a deal as both sides work behind the scenes to find a way to avoid the so-called fiscal cliff. >>> it's a family affair. the macks are here. they're both leaving congress next year, not on their own terms but not before trying to figure out our fiscal future and even they don't agree on what to do. >>> plus, a major fight over the role of labor and their power. it all unfolds in michigan. is it the new wisconsin? find out what is driving the big change in the state. that's home to one of the most powerful unions out there. the united auto workers. good morning from washington, tuesday, december 11th, 2012. i'm chuck todd. one of those times in washington when the less that is said the better the news may be, that is if you hope lawmakers and the president come to an agreement on a verdict in this so-called fiscal cliff. we know some of you don't want to deal, but the president has no public events today and not many planned for this week. many a
congress needs something to get something on paper. no news might be good news, if you want a deal as both sides work behind the scenes to find a way to avoid the so-called fiscal cliff. >>> it's a family affair. the macks are here. they're both leaving congress next year, not on their own terms but not before trying to figure out our fiscal future and even they don't agree on what to do. >>> plus, a major fight over the role of labor and their power. it all unfolds in...
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Dec 5, 2012
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. >>> with the fiscal cliff looming less than a month away you might think certainly sectors would be getting hammered right now. not the obvious ones like defense. given the defense budget will be cut dramatically if our leaders don't reach a compromise, take retail. if we go over the cliff, something i've been telling you as of this week, more likely by the day, not less, that will deal a huge blow it purchasing power of most americans. think about it. tax rates go up. >> boo. >> the payroll tax holiday goes away. [ buzzer ] unemployment benefits expire for most people -- [ baby crying ] and that's is not even accounting for the layoffs. that's just being cautious. put it together, unless we get a deal, which won't be bad news for the single biggest consumer play out there, which is retail. so even though we're having a real good holiday shopping season that we're seeing so far. pbh told us that. you expect retail to be in trouble. once the holidays ends, things can get a whole lot worse. not just the fiscal cliff. two weeks ago aggregate retail sales that showed a 3% decline. last
. >>> with the fiscal cliff looming less than a month away you might think certainly sectors would be getting hammered right now. not the obvious ones like defense. given the defense budget will be cut dramatically if our leaders don't reach a compromise, take retail. if we go over the cliff, something i've been telling you as of this week, more likely by the day, not less, that will deal a huge blow it purchasing power of most americans. think about it. tax rates go up. >> boo....
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Dec 11, 2012
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for food, for family, and now, something extra -- for you. >>> everybody is waiting for the fiscal cliff. i went down to the capitol this morning to see how things are progressing. i got more negative when harry reid said it is unlikely that a deal will be done by christmas. i'm thrilled to have senator john hovan, a republican from north dakota who has been an advocate here with us tonight. welcome back to "mad money." >> jim, good to be with you. >> i noticed that you are for a bipartisan situation and one of the things that tells me that you are for real is that you have not signed a pledge that would make it so that you cannot vote for a tax increase. it should be a big deal on the order of four trillion dollar over ten years. get growth in our economy and the kind of deal that inincludes tax reform and better spending control. >> when you were governor of your state you previded over what i think is the single greatest employment boom. is washington so different that you wish you were back home? >> you have been out to north dakota, but you are right. the fundamentals don't change.
for food, for family, and now, something extra -- for you. >>> everybody is waiting for the fiscal cliff. i went down to the capitol this morning to see how things are progressing. i got more negative when harry reid said it is unlikely that a deal will be done by christmas. i'm thrilled to have senator john hovan, a republican from north dakota who has been an advocate here with us tonight. welcome back to "mad money." >> jim, good to be with you. >> i noticed...
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Dec 12, 2012
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taxes, fiscal cliff. why do you have to bring in social security and medicare and fix something that's not broke? >> stephanie: social security's case, we keep saying doesn't add a penny to the deficit. >> it is absurd. if you're going to curtail something or act like something is horribly busted, then i would say the military expenditures that go into effect because of the sequestration actually are something that's a crucial. they're going to drop off immediately and the spending on them is overtly far beyond its necessity. >> stephanie: it is more than the military asks for. congress is trying to give them more. >> to do what with? it is not like they're not ahead technologically from -- on every front. >> but we need to be able to blow up the world 150 times not 147. >> stephanie: otherwise we're french and gay. ron in illinois, you're on "the stephanie miller show." hi ron. >> caller: good morning, steph. >> stephanie: good morning. >> caller: i don't understand why john boehner think -- unless he's
taxes, fiscal cliff. why do you have to bring in social security and medicare and fix something that's not broke? >> stephanie: social security's case, we keep saying doesn't add a penny to the deficit. >> it is absurd. if you're going to curtail something or act like something is horribly busted, then i would say the military expenditures that go into effect because of the sequestration actually are something that's a crucial. they're going to drop off immediately and the spending...
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Dec 12, 2012
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when it comes to the fiscal cliff, you have to go back to that quickly. are you going to be there on december 31st at 11:59 voting on a deal or will there be something beforehand? >> all of the commentators seem to think there is going to be a deal. i don't know. the republicans seem to be caving in or beginning to set the door to cave in on agreeing to some tax rate increases. but a deal that says what some people are talking about will increase the tax rates to not as much as they were under clinton. and return will put a limit on cost of living increases for social security, will increase the eligibility age for medicare. as the republicans are demanding is not an acceptable compromise as far as i'm concerned. you have a lot of democrats voting against any such agreement. >> eliot: you are raising the critical issue that has not gotten any substantial and necessary attention as it should which is what will the cost-cutting be. where will it come from? how will entitlements be affected if at all and why? we have to have that conversation. >> the most ob
when it comes to the fiscal cliff, you have to go back to that quickly. are you going to be there on december 31st at 11:59 voting on a deal or will there be something beforehand? >> all of the commentators seem to think there is going to be a deal. i don't know. the republicans seem to be caving in or beginning to set the door to cave in on agreeing to some tax rate increases. but a deal that says what some people are talking about will increase the tax rates to not as much as they were...
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Dec 6, 2012
12/12
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he'll tell you why the fiscal cliff has him doing that a lot harder than ever. americans are always ready to work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ >>> welcome back to "street signs." i'm sharon epperson. take a look at how u.s. markets interpreted what the ecb did earlier today, cutting its european growth outlook. we saw the dollar strengthen. that has weighed on commodity prices. energy prices in particular across the board with the wti contract closing at a three-week low. we're looking at pressure across the board in the energy sector. that's good news for people driving over the holidays. we're looking at gas prices coming down. futures market and prices at the pump, only ten cents higher than a year ag
he'll tell you why the fiscal cliff has him doing that a lot harder than ever. americans are always ready to work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your...
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Dec 6, 2012
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its controversial tax credit could go over the fiscal cliff. >> when swind placed on the surface of the earth, you can get something like 20 times the amount of power that civilization now uses. >> reporter: ken caldera authored a new study that claims wind is the way. >> the wind you can't power civilization on wind today has to do with economics and engineering. >> reporter: he points for history. >> one of the reasons why fossil fuels are cheap is that they have received large subsidies from the federal government. >> reporter: right now wind power gets a subsidy, too. $1 billion a year from uncle sam. but that could vanish december 31st when the country hits the fiscal cliff. to caldera, that's the short-run risk. in the long run, he sees a clear, if not political pristine, path to more reliance on wind power. >> i think we'll eventually get to the point where we see a need for technologies that can provide energy, essentially forever, with minimal environmental cost. >> a final check on the markets when we return after this. ♪ ♪ ♪ ♪ [ male announcer ] 'tis the season to dis
its controversial tax credit could go over the fiscal cliff. >> when swind placed on the surface of the earth, you can get something like 20 times the amount of power that civilization now uses. >> reporter: ken caldera authored a new study that claims wind is the way. >> the wind you can't power civilization on wind today has to do with economics and engineering. >> reporter: he points for history. >> one of the reasons why fossil fuels are cheap is that they have...
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Dec 6, 2012
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this could push the american economy off of a fiscal cliff, am i missing something here? can it be such a bad thing. not really said the cbo. if congress extents current policy, the debt and deficit will increase slowing the economy and dramatically increasing interest costs. because of the deal congress and the president made last year it be result in across the board budget reductions, still there will be no decreases in social security, medicare and veteran's benefits. defense spending would take a big hit, but because of a windown in afghanistan some military leaders are asking for less than congress is willing to shell out. from 1990 to 1999 defense spending decreased by 1% a year. this weakened military is nonsense. jim we have like what 27,000 times to blow up the country with the next amount of nukes. >> and we still have massive armies in europe protecting them from a massive soviet union. >> yeah. >> korea is another issue -- we do need people there. >> stephanie: right, but he points out who is behind all of this fiscal cliff cage rattling. the rich and their f
this could push the american economy off of a fiscal cliff, am i missing something here? can it be such a bad thing. not really said the cbo. if congress extents current policy, the debt and deficit will increase slowing the economy and dramatically increasing interest costs. because of the deal congress and the president made last year it be result in across the board budget reductions, still there will be no decreases in social security, medicare and veteran's benefits. defense spending would...
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Dec 7, 2012
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the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche? could you elaborate about that kind of threat? >> would you mind if i steal that from you? i will give you credit. i think it is right. i do think -- that is why what you're doing now is so important. this is a once in a generation opportunity for you to nail these things down. we're not that far apart. i really do not think we are. if you are able to put us on a credible path to fiscal sustainability, do it in a balanced way, i think we are golden. i think we will avoid that avalanche. if we do not do that, ultimately, it means we will never do it until we're forced by
the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche?...
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Dec 8, 2012
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cliff all along and we were just pushed over it. that's how much your paycheck's going to shrink. here's the bottom line. let's hope for the best that our politicians move in the right direction. something we can see as early as sunday morning when they appear on the major political talk shows like "meet the press." but we'll be preparing for the worst. >> the house of pain! >> that our lawmakers go home for the holidays, meaning we will likely go over the cliff and nothing will be done about it until after taxpayers actually feel the real pain. let's go to r.w. in nevada, please. r.w. >> caller: jim, a big fan of yours. thank you for helping people like me. >> i appreciate that. that's why i do the show. how can i help? >> caller: i've had dole stock since its september high. and now that david delorenzo is leaving and selling his packaged goods and asian fresh produce to japan, what's your take on the stock? >> yeah, i saw the change in management. and i've got to tell you, i continue to think it's a good story to hold. i know tha
cliff all along and we were just pushed over it. that's how much your paycheck's going to shrink. here's the bottom line. let's hope for the best that our politicians move in the right direction. something we can see as early as sunday morning when they appear on the major political talk shows like "meet the press." but we'll be preparing for the worst. >> the house of pain! >> that our lawmakers go home for the holidays, meaning we will likely go over the cliff and...
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the pentagon is preparing for massive budget cuts in the event the country does go over the fiscal cliff. you can tell the pentagon is scaling back because today, it became the triangle. [ laughter ] you know, there's a teacher at home going, yes. my math teacher, exactly. he learned something. >> a lot of people said after the election, what will mitt romney do? because he's out of a job, didn't get the job he wanted and, you know, honestly, you can only spend so much time with your money. so, people were saying, what will mitt romney -- he's got a job. he's working at a marriott, ladies and gentlemen. working at a marriott. he's the guy that comes out to the pool and tells the kids to stop splashing. all right, kids. come on. hey, fellas. listen to me. settle down here. >> that could have been funnier. >> dave, call her. >>> that's what's making news in america this morning. >>> that's what's making news in america this morning. >> stay with us for "good captioned by closed captioning services, inc. >>> good friday morning. 4:30 a.m.. i'm eric thomas. >>> and i'm kristen sze. breaking
the pentagon is preparing for massive budget cuts in the event the country does go over the fiscal cliff. you can tell the pentagon is scaling back because today, it became the triangle. [ laughter ] you know, there's a teacher at home going, yes. my math teacher, exactly. he learned something. >> a lot of people said after the election, what will mitt romney do? because he's out of a job, didn't get the job he wanted and, you know, honestly, you can only spend so much time with your...
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. >> yeah, but there's stimulus the white house wants as a result of the fiscal cliff deal. they don't want to see a lapse, for instance, in the payroll tax cut. although they'd be fine with it being replaced by something else. unemployment insurance passed, infrastructure spending, those are incentives for the white house to cut a deal on the fiscal cliff as opposed to just going over it and saying, okay, we'll just take the, you know, sequester cuts and bush tax rates. >> that's right, and they were willing to do that in 2010 and were criticized, of course, by the base of the party because they felt so strongly about the stimulus measures. that shows how firmly the president is going to fight for those in the final package. >> i think there's so many reasons why boehner has to take a deal, though, in addition. if you look at the polls, 2 to 1, the public blames the republicans if there is no deal. and he's, meanwhile, gotten his tea party radicals, he's punished them for not following his line and his leadership. so, you know, look at wall street, they so far the market's
. >> yeah, but there's stimulus the white house wants as a result of the fiscal cliff deal. they don't want to see a lapse, for instance, in the payroll tax cut. although they'd be fine with it being replaced by something else. unemployment insurance passed, infrastructure spending, those are incentives for the white house to cut a deal on the fiscal cliff as opposed to just going over it and saying, okay, we'll just take the, you know, sequester cuts and bush tax rates. >> that's...
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the pentagon is preparing for massive budget cuts in the event the country does go over the fiscal cliff. you can tell the pentagon is scaling back. today, it became the triangle. [ laughter ] you know, there's a teacher at home going, yes. my math teacher, exactly. he learned something. >> a lot of people said after the election, what will mitt romney do? because he's out of a job, didn't get the job he wanted and, you know, honestly, you can only spend so much time with your money. so, people were saying, what will mitt romney -- he's got a job. he's working at a marriott, ladies and gentlemen. working at a marriott. he's the guy that comes out to the pool and tells the kids to stop splashing. come on, kids. hey, fellas. listen to me. settle down here. >> that could have been
the pentagon is preparing for massive budget cuts in the event the country does go over the fiscal cliff. you can tell the pentagon is scaling back. today, it became the triangle. [ laughter ] you know, there's a teacher at home going, yes. my math teacher, exactly. he learned something. >> a lot of people said after the election, what will mitt romney do? because he's out of a job, didn't get the job he wanted and, you know, honestly, you can only spend so much time with your money. so,...
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the issue of the fiscal cliff, what's it mean? it is probably the most known phrase in politics. they say, you have to wait for everything. people understand you have to do a piece of the puzzle. you can do it today. the opportunity to keep this economy moving, it has done very well the last few years. we always wait for the big deal and something never happens. this is a chance for the middle class tax cut. i would encourage every day, what is holding it out? -- it up? you will see yourself getting a tax cut for the remainder of next year if we just move them forward. again, it is finished of the senate side. >> i want to thank my colleagues for the leadership on the steering committee in this area. we have senator olympia snowe, bill kristol of the weekly standard, like simpson of idaho. david brooks. walter jones. the national review. we're here to say that passing the middle class tax cut is the right thing to do. you don't need to take our word for it. 2/3 of the american public agree with us. you don't need to take that word either. listen to the speaker's own party. it is
the issue of the fiscal cliff, what's it mean? it is probably the most known phrase in politics. they say, you have to wait for everything. people understand you have to do a piece of the puzzle. you can do it today. the opportunity to keep this economy moving, it has done very well the last few years. we always wait for the big deal and something never happens. this is a chance for the middle class tax cut. i would encourage every day, what is holding it out? -- it up? you will see yourself...
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cliff, while not something to be encouraged, may not be as bad as many had thought, and, certainly, it is not worth making bad policy that will have m r much longer range -- will have much longer range implications. the second issue, another kind of artificial date has been in law for decades, and congress periodically as a part of debate over whether to extend it. it's app interesting debate. there really is no option. you either extend it or you default. default really shouldn't be an option, and it's something that should be avoided at all costs. we put this quick little date in there so that we can have the debate, have a vote, and then extend the debt ceiling as we know we have to. that's fine we have the issue of the debt and deficit in the long run. the issues of real importance because, one, we don't account for our expenditures the way businesses do, the way individuals have to. we get toking the for -- to account for them and ignore many of the long term implications, and if we put them in, it increases the amount of debt that we owe and have promised dray mat -- dramatica
cliff, while not something to be encouraged, may not be as bad as many had thought, and, certainly, it is not worth making bad policy that will have m r much longer range -- will have much longer range implications. the second issue, another kind of artificial date has been in law for decades, and congress periodically as a part of debate over whether to extend it. it's app interesting debate. there really is no option. you either extend it or you default. default really shouldn't be an option,...
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. >> reporter: advocates for seniors wants social security and medicare out of the fiscal cliff debate. >> don't talk about them as if they're entitlement reforms and giveaways. these are programs that people have paid for over their entire working lives and have earned these programs. >> reporter: if lawmakers and the president don't find a compromise, taxes for all american will go up, and across-the-board spending cuts will kick in on january 1. danielle nottingham, cbs news, washington. >>> secretary of state hillary clinton canceled a trip to north africa in the middle east because of a stomach virus. the focus of the trip is the crisis in syria. and the obama administration has granted one group affiliated with the rebels a terrorist organization that has alleged ties to al qaeda. any assets in the u.s. are frozen, and americans are barred from doing business with it. >>> the body of the navy s.e.a.l. killed during a mission to rescue an american doctor from the taliban is on its way home. the family of dr. dilip joseph released a statement praising the s.e.a.l.'s hero im. he was
. >> reporter: advocates for seniors wants social security and medicare out of the fiscal cliff debate. >> don't talk about them as if they're entitlement reforms and giveaways. these are programs that people have paid for over their entire working lives and have earned these programs. >> reporter: if lawmakers and the president don't find a compromise, taxes for all american will go up, and across-the-board spending cuts will kick in on january 1. danielle nottingham, cbs...
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i guess the fiscal cliff fear has people not shopping for a mattress. >> something like that. you're depressing me. lift my spirits with brown foreman. >> we didn't booze up before the thing but we probably could have. the stock is not moving today. not only is it fun to talk about spirits, but second quarter net income rose 9.8%, raising full year guidance. margins were higher. it's an ig nonomonous number. >>> your biggest corporate story of of the day involves citi group. bank saying it will slash 11,000 jobs in order to save more than $1 billion a year. let's talk more about it with glen shore. he has a buy rating on citi with a $41 price target. glen, stock already at $38 and change. will it take this move or more to get to your target of $41? >> we're moving quickly. i think you had an initial pop on it today but long story short, people have understood they had differentiated growth outside the u.s. they have capital building. they have less mortgage related exposure than some of the other banks. this was the other piece of the story that people really wanted to see lit
i guess the fiscal cliff fear has people not shopping for a mattress. >> something like that. you're depressing me. lift my spirits with brown foreman. >> we didn't booze up before the thing but we probably could have. the stock is not moving today. not only is it fun to talk about spirits, but second quarter net income rose 9.8%, raising full year guidance. margins were higher. it's an ig nonomonous number. >>> your biggest corporate story of of the day involves citi...
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. >> coming up, the last fed decision of the year and the final one before the fiscal cliff deadline. stay tuned for breaking news coverage of the fed decision on interest rates. it's a cnbc special report, and it's starts after this short break. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. ♪ ♪ ♪ [ male announcer ] while you're getting ready for the holidays, we're getting ready for you. tis the season. for food, for family, and now, something extra -- for you. come pre-filled with problems. enough is enough. introducing the chase liquid reloadable card. with chase liquid, there's no waiting and no fee to activate you can load cash and checks at any chase depositfriendly atm and th
. >> coming up, the last fed decision of the year and the final one before the fiscal cliff deadline. stay tuned for breaking news coverage of the fed decision on interest rates. it's a cnbc special report, and it's starts after this short break. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place....
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the fiscal cliff. oh my goodness, the fiscal cliff is now just -- wow, 20 days away. so what are we going to do? some have suggested that we really have to deal with entitlements. and i'm here to agree that we can and we should deal with entitlements. certainly two of those issues, which i really don't think we ought to call entitlements but are fundamental programs here in america for americans, should be dealt with. one that some people want to put on the table really doesn't deal with the deficit at all, and that's social security. so before we even get into this discussion tonight, let's just understand or anybody that cares to take on this issue that in dealing with the fiscal cliff, social security is not the problem. the deficit is not caused by social security. social security has never been and in its present form, will not be part of the deficit issue. it's separate and apart. it is a special program. has its own source of revenue. has its own trust fund and isn't running the deficit at all a
the fiscal cliff. oh my goodness, the fiscal cliff is now just -- wow, 20 days away. so what are we going to do? some have suggested that we really have to deal with entitlements. and i'm here to agree that we can and we should deal with entitlements. certainly two of those issues, which i really don't think we ought to call entitlements but are fundamental programs here in america for americans, should be dealt with. one that some people want to put on the table really doesn't deal with the...
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cliff. while that's going on and will keep going on for a while, your united states senate is haggling over something that might be even more important to the health of the republic, at least if in the future we want to, i don't know, solve any problems ever. i'm speaking, of course, of that great scourge the filibuster. that senate only rule that allows any senator in the majority or the minority to force legislation to pass not by the standard 51 votes, but by 60. which for most bills means certain death. rarely do 60 senators agree on anything. and over the last few years, the use and abuse of the filibuster, mainly but not exclusively by republicans, has reached record-breaking senate stopping heights. so what do you do? if you are harry reid, lead other telephone democrats in the senate, you try to reform it. and if you're mitch mcconnell, the republican leader who is using it all the time because it is your main kind of power you try to stop reform of it. now there are a couple of plan
cliff. while that's going on and will keep going on for a while, your united states senate is haggling over something that might be even more important to the health of the republic, at least if in the future we want to, i don't know, solve any problems ever. i'm speaking, of course, of that great scourge the filibuster. that senate only rule that allows any senator in the majority or the minority to force legislation to pass not by the standard 51 votes, but by 60. which for most bills means...
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cliff and the negotiations that the letter can be sent and it wouldn't draw greta's attention. >> greta: does senator harry reid have the authority to delay the imp levellation? >> no, this is something that they definitely have to ask the departments and agencies not to implement. >> greta: does this go to hhs? >> i am guessing. who is it addressed to? >> greta: harry reid. the fix is in for the medical device community, i am going to say it. they want a special deal. they have gone to the democratic senators and now suddenly, they want a special deal out of it -- it's appalling. >> we don't add up all the taxes that are coming. the more -- that's why we repealed it and the whole health care bill -- >> greta: one of the taxes is the estate tax, that's the poor farmer who wants to give his farm or ranch to his heirs. >> you know that's a personal story with me. >> greta: oh, yeah. indeed, it is. >> what this is going to do, if we allow this to expire to go to a $1 million and 55% rate, 70% our farms in south dakota will be hit -- >> greta: but you problem is, you don't have a lobbyist.
cliff and the negotiations that the letter can be sent and it wouldn't draw greta's attention. >> greta: does senator harry reid have the authority to delay the imp levellation? >> no, this is something that they definitely have to ask the departments and agencies not to implement. >> greta: does this go to hhs? >> i am guessing. who is it addressed to? >> greta: harry reid. the fix is in for the medical device community, i am going to say it. they want a special...
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together to avoid the so-called fiscal cliff, the disastrous i ask unanimous consent sequences of our not acting, tax increases for every american taxpayer, massive cuts to defense at a time when the threats around the world are as varied and as great as we've seen in a long time. other essential programs of the federal government being affected by that. that's the last thing we need in this tepid economy with a lot of people out of work and hoping for some consensus to come together to provide a -- a long-term solution to our fiscal problem that continues to have a negative effect on our economy and more importantly, keeps people out of work. and so as that clock ticks, some are saying, well, partisanship is just too great in washington. the country's too divided. we're not going to be able to reach a consensus here in terms of how to address this problem. i disagree with that. over the last two years, and more, we have had a number of proposals brought forward on a bipartisan basis. it started with simpson-bowles, the former chief of staff to president clinton and al for a lon time,
together to avoid the so-called fiscal cliff, the disastrous i ask unanimous consent sequences of our not acting, tax increases for every american taxpayer, massive cuts to defense at a time when the threats around the world are as varied and as great as we've seen in a long time. other essential programs of the federal government being affected by that. that's the last thing we need in this tepid economy with a lot of people out of work and hoping for some consensus to come together to provide...
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. >> considering the significant consequences of falling off of the fiscal cliff you have would think the president would have some kind of an interest in finding a solution to the problem. however, it is now becoming increasingly obvious something is standing in the way. a reporter at the "new york times" is admitting, well it may just be obama's arrogance. >> stephanie: oh! [ applause ] >> stephanie: arrogance! >> what do you think he won an election or something? >> stephanie: yeah. >> sheeesh. >> stephanie: dog whistle. >> were you impersonating a dog whistle. woo woo? >> no, i was not. >> you wouldn't hear a dog whistle. but that would distract the dog that was distracted by the farting machine. [ farting sounds ] >> even a monkey in a shearling coat would distract the dog. right >> stephanie: right. all right. rush limbaugh. >> i thought we were on track for much sooner than that. the obama plan to knock down america, obviously -- i'm surprised it is going to take that long. 2030 is another eightteen, seventeen years. >> stephanie: back away from denesh d'souza. >> whatever! >>
. >> considering the significant consequences of falling off of the fiscal cliff you have would think the president would have some kind of an interest in finding a solution to the problem. however, it is now becoming increasingly obvious something is standing in the way. a reporter at the "new york times" is admitting, well it may just be obama's arrogance. >> stephanie: oh! [ applause ] >> stephanie: arrogance! >> what do you think he won an election or...
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>> no one wants to go over the fiscal cliff. worse would be for the president to sign a bad bill. >> all right. alan krueger, chairman of the president's counscil on economi advisers. mr. krueger, nice to see you that month. i'll see you next month, i promise. >> thank you, chuck. >>> trivia time, jim demint's decision to step down 0 means south carolina will have two seats on the ballot in 2014. who was elected the last time both of south carolina's senate seats were on the ballot in the same election? strom thurmond, of course, and the longest serving junior senator perhaps in the history of america, fritz hollings. senator thurmond won re-election and hollings, the form earp governor at the time, won a special to fill a seat left empty when johnston died. we'll be right back. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's no
>> no one wants to go over the fiscal cliff. worse would be for the president to sign a bad bill. >> all right. alan krueger, chairman of the president's counscil on economi advisers. mr. krueger, nice to see you that month. i'll see you next month, i promise. >> thank you, chuck. >>> trivia time, jim demint's decision to step down 0 means south carolina will have two seats on the ballot in 2014. who was elected the last time both of south carolina's senate seats were...
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cliff. what the president does not want to talk about. plus senator jim demint is here to tell you why he is leighing the senate. this is "special report." this is "special report." ♪ ♪ good evening >> good evening. i'm bret baier. much of the public debate focuses on taxes. democrat want to raise them on high earners. republicans don't. but there is another part of the equation that gets less attention. that is spending cuts. chief white house correspondent ed henry looks in to that tonight. >> reporter: pulling on the heart strings as if he were back on the campaign trail, president obama visited middle class family in virginia. >> a couple of thousand dollars means a couple months' rent for this family. >> once again, he was trying to frame the battle oaf the fiscal cliff as being all about taxes. with no mention of spending cuts. >> i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. but i do remain optimistic that we can get s
cliff. what the president does not want to talk about. plus senator jim demint is here to tell you why he is leighing the senate. this is "special report." this is "special report." ♪ ♪ good evening >> good evening. i'm bret baier. much of the public debate focuses on taxes. democrat want to raise them on high earners. republicans don't. but there is another part of the equation that gets less attention. that is spending cuts. chief white house correspondent ed...
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wall street is keeping a close eye on fiscal cliff talks. mcdonald's is up. apple and aig down. we should mention that today it's expected to be one of the busiest online shopping days of the holiday season as you get in those last times to get deals in so that you know for sure it gets there by christmas. >>> well, for a deal already rejected with by congress, oh, yeah, there's the music, it may be unusual that we still hear so much about the simpson-bowles plan. it's a plan no one will vote on. it's come to represent what could have been. today a deep dive into the elusive grand bargain captured in the simpson-bowles plan. first the outlines of a deal between president obama and speaker boehner. as we've told you, you take the two positions we're looking at between $800 billion and $1.6 trillion in new tax revenue. enough savings to hold off the sequester. compare that to the simpson-bowles proposal and you'll see a big difference. as a starting point the plan would allow the bush tax cuts to expire for everybody. it proposes tax reform that would produce another trillion in t
wall street is keeping a close eye on fiscal cliff talks. mcdonald's is up. apple and aig down. we should mention that today it's expected to be one of the busiest online shopping days of the holiday season as you get in those last times to get deals in so that you know for sure it gets there by christmas. >>> well, for a deal already rejected with by congress, oh, yeah, there's the music, it may be unusual that we still hear so much about the simpson-bowles plan. it's a plan no one...
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given the fiscal cliff is a possible that a policymakers were not to agree to some sort of deficit deal with the -- by the end of year big over the fiscal cliff that the size of the asset purchases could indeed grow in response to that and more specifically you coined the phrase fiscal cliff and i wanted to get your take on whether you still feel it's the most appropriate language to describe what would happen at the beginning of the year of? there are some americans who may be alarmed by the language in some economists say it still -- and you feel it's appropriate given the fiscal contraction in the deal? >> the first part of your question is, if the economy actually went off the fiscal cliff, the ceo's assessment and outside forecasters think it would have significant adverse effect on on the economy and the unemployment rate. on the margin we would try to do a week could. we would perhaps increase a bit but i want to again be clear that we cannot offset the whole impact of the fiscal cliff. it's just too big given the tools we have available and the limitations on our policy toolkit
given the fiscal cliff is a possible that a policymakers were not to agree to some sort of deficit deal with the -- by the end of year big over the fiscal cliff that the size of the asset purchases could indeed grow in response to that and more specifically you coined the phrase fiscal cliff and i wanted to get your take on whether you still feel it's the most appropriate language to describe what would happen at the beginning of the year of? there are some americans who may be alarmed by the...
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the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche? could you elaborate about that kind of threat? >> would you mind if i steal that from you? i will give you credit. i think it is right. i do think -- that is why what you're doing now is so important. this is a once in a generation opportunity for you to nail these things down. we're not that far apart. i really do not think we are. if you are able to put us on a credible path to fiscal sustainability, do it in a balanced way, i think we are golden. i think we will avoid that avalanche. if we do not do that, ultimately, it means we will never do it until we're forced by
the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche?...
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those mammoth gains tell me that that has been fiscal cliff related as people go to their tax adviser and realize -- you know what? or get the register ringing. part of the selling in gap is a lot of people taking profits at the same time. something that will end when capital gains rates go up in a couple of weeks. and i was formulating in my own head, that once we get the higher tax rates, you don't want to sell anything, and then you have to pay the taxman more. psychologically, you might be inclined to hold on. back on november 29th, the company came out with monthly same-store sales and considered disappointing. it was looking for a 3.8% rise and there was only an increase of 3%. and negative comments about increased promotional activity at old navy, and these two things got the sell-off ball rolling. to me, the idea of dumping gap because november was a bit worse than expected is insane. first of all, this november was a real a abhor ant month. you had unseasonably warm weather on the west coast, sandy on the east coast, and these numbers are notoriously choppy. don't give you a
those mammoth gains tell me that that has been fiscal cliff related as people go to their tax adviser and realize -- you know what? or get the register ringing. part of the selling in gap is a lot of people taking profits at the same time. something that will end when capital gains rates go up in a couple of weeks. and i was formulating in my own head, that once we get the higher tax rates, you don't want to sell anything, and then you have to pay the taxman more. psychologically, you might be...